v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table disaggregates the Company’s net revenues by major stream and reportable segment.
Three Months Ended March 31,
(in millions)20262025
Warehousing operations$856 $843 
Warehouse lease revenues72 68 
Managed services53 27 
Other4 6 
Total Global Warehousing985 944 
Transportation150 188 
Food sales44 44 
Redistribution revenues59 54 
E-commerce and other40 43 
Railcar lease revenues19 19 
Total Global Integrated Solutions312 348 
Total net revenues$1,297 $1,292 
As of March 31, 2026, the Company had $1,727 million of remaining unsatisfied performance obligations from contracts with customers subject to a non-cancellable term and within contracts that have an original expected duration exceeding one year. These obligations also do not include variable consideration beyond the non-cancellable term, which is fully constrained because the amount cannot be reasonably estimated. The Company expects to recognize 18.8% of these remaining performance obligations as revenue over the next 12 months and the remaining 81.2% to be recognized over a weighted average period of 10.4 years through 2043.
Accounts receivable balances related to contracts with customers were $811 million and $785 million as of March 31, 2026 and December 31, 2025, respectively.
Deferred revenue balances related to contracts with customers were $78 million and $80 million as of March 31, 2026 and December 31, 2025, respectively. Substantially all revenue that was included in the deferred revenue balance at the beginning of 2026 has been recognized as of March 31, 2026 and represents revenue from the satisfaction of storage and handling services billed in advance.